The price of Shiba Inu ($SHIB) has fallen sharply just as the long-awaited Shibarium layer-2 network went live.
Despite the rollout of this highly-anticipated upgrade, $SHIB has been unable to reverse its recent downtrend, raising uncertainty around the coin’s prospects.
With $SHIB faltering, attention is now turning to new meme coins like Sonik Coin ($SONIK) that could become alternatives for investors seeking fresh opportunities.
Challenging Few Weeks for $SHIB As Price Slides
$SHIB has closed in the red for four straight days, marking the token’s worst run since late May.
After peaking at $0.0000113 on August 12, $SHIB has fallen to the $0.0000091 level – an 18% drop in less than one week.
This drop has erased most of the gains made in the first week of August when investors were becoming excited about Shibarium’s potential.
Additionally, the sharpness of the drop has forced $SHIB through the 20-day Exponential Moving Average (EMA) to the downside, indicating a potential short-term sentiment change.
With no major support levels in sight and the bearish momentum showing no signs of slowing, many traders are bracing for further declines in the coming days.
Bumpy Start for Shibarium Causes Price Pressure
Shiba Inu’s price drop has surprised many in the crypto community, given that the long-awaited Shibarium network has just been launched.
However, it appears that Shibarium’s rollout may have encountered some snags.
As noted in an article from Cointelegraph, screenshots circulated on Twitter indicate that around $2.5 million worth of crypto assets bridged to Shibarium are currently inaccessible.
This news has sparked concerns among the $SHIB community, likely contributing to the token’s sharp decline.
While Shibarium’s developers are working hard to fix the issue, the post-launch problems underscore the risks with brand-new networks.
Until resolved, this issue could hamper adoption and put further pressure on Shiba Inu’s price.
$SONIK Presale Gains Traction as Potential Meme Coin Star Raises $60k – Could it be a Shiba Inu Alternative?
As Shiba Inu struggles, attention is turning to new meme coins that could provide an alternative.
One project capturing interest is Sonik Coin ($SONIK), thanks to its cut-price presale and inventive staking rewards setup.
Sonik Coin has just started a public presale for its $SONIK token, with 50% of the total supply available at a fixed price of $0.000014.
In addition, 40% of all $SONIK tokens have been set aside for staking rewards, meaning holders can lock up their tokens to earn yields of over 1,000% APY.
This staking protocol provides real utility to $SONIK, setting it apart from the thousands of low-cap meme coins with no use cases.
Sonik Coin’s whitepaper outlines that the remaining 10% of the token supply has been reserved for DEX liquidity, given that the developers plan to launch $SONIK on Uniswap once the presale ends.
Ultimately, as problems plague Shiba Inu even after its upgrade, dissatisfied holders may look to projects like Sonik Coin due to its fresh approach.
With the project’s presale raising over $60,000 in just two days, $SONIK is swiftly gaining traction and could emerge as a viable meme coin contender.
Wall Street Memes Presale Continues Rising After Raising $24.5m
In addition to Sonik Coin, Wall Street Memes ($WSM) has built up steam as a potential alternative to a faltering Shiba Inu.
The project taps into the viral retail trading movement through its meme-style branding and social media uploads.
Wall Street Memes’ presale has been the talk of the presale space in recent months, having raised over $24.5 million from early investors.
The presale is now in Stage 29 out of 30, with $WSM tokens on offer for $0.0334 – a discount on the final stage price.
Once the presale concludes, Wall Street Memes’ team has hinted at major exchange listings, although no specifics have been revealed yet, keeping the community in anticipation.
Wall Street Memes’ whitepaper also notes plans to launch an exclusive “gated community” for token holders, offering unique benefits and a platform for collaboration.
As doubts linger around Shiba Inu, projects like Wall Street Memes demonstrate the possibility of crafting viable alternatives in the meme coin space.
Moreover, with Wall Street Memes catching the attention of well-known influencers like Satoshi Stacker, the project’s visibility and credibility appear poised for ongoing expansion.
Visit Wall Street Memes Presale
Disclaimer
This article is sponsored content and does not represent the views or opinions of BeInCrypto. While we adhere to the Trust Project guidelines for unbiased and transparent reporting, this content is created by a third party and is intended for promotional purposes. Readers are advised to verify information independently and consult with a professional before making decisions based on this sponsored content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
